Hefty Positions Taken on Corning

By

Mohammed Hadi

Updated July 12, 2006 12:01 a.m. ET

Traders took sizable positions in options on Corning Inc. in an effort to profit from calming sentiment on the stock.

With the shares up 10 cents to $21.07 on the New York Stock Exchange, more than 7,400 August 22.50 calls and the same number of August 20 puts changed hands on the American Stock Exchange. When done in tandem, the move is called a strangle, and traders said a customer sold these strangles for combined proceeds of...